mo4ch:>Pakistan’s shipping sector to get $2 billion investment boost from Singapore-based firm | Mo4ch News
Singapore shipbuilding and marine service firm Global Radiance Group has announced plans to invest around $2 billion in the Pakistani shipbuilding industry, the group chairman and managing director Abdul Lateef Siddiqui said.The step is set to create about 4,000 jobs, according to the executive, as quoted by the News International, Pakistan’s largest English-language newspaper. Siddiqui said that the country is currently forced to pay up to $4 billion to foreign shipping companies.Pakistan’s state-owned National Shipping Corporation (PNSC) reportedly operates nine ships, three tankers and six bulk carriers with only 65,786 seafarers, 18,988 officers and 46,798 crews are currently being employed in the sector.Siddiqui highlighted that the country’s shipping industry is earning as low as $500 million compared to the Philippines, which is generating more than $6 billion from the sector annually.“PNSC tankers are only used to carry oil for Pakistan, however, there’s more appetite consider…